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Persistent link: https://www.econbiz.de/10011742063
This paper investigates the impact of a firm's annual report readability and ambiguous tone on its borrowing costs. We find that firms with larger 10-K file sizes and a higher proportion of uncertain and weak modal words in 10-Ks have stricter loan contract terms and greater future stock price...
Persistent link: https://www.econbiz.de/10013006481